Thoughts welcome please - can’t agree on way forward with DP yet:
We have one car on a PCP which ends in the summer.
-Balloon payment is c.11k or we could simply give it back.
-Car is a hatchback and we now have a DD (nearly 1) and find that we need something slightly bigger (or at least will in a year or two)
-We can afford to pay the balloon but as mentioned above, we will need to change it in next two years.
-I think we should use extra savings/expected work bonus on buying outright a used car for £15-20k and hand back our current one.
-DP thinks that’s a lot of money and we should put down a c.7-10k deposit to finance a car for 3/4 years but this will come with a c.£200 monthly payment, albeit we will retain more savings and probably get a more recent car.
What do you guys value - I think one less outgoing can only be a good thing when we have a Mortgage rate set to increase in September and some childcare costs when I’m back to work.